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Fixed Annuity Director
American International Group
Brentwood, TN, United States
Job Details - this job has expired, please see similar jobs below
Estimated Travel Percentage (%): Up to 25%
Relocation Provided: Yes
In this role, you will be responsible for the P&L of the DSA Re Fixed Annuity line of business (>$2 billion of GAAP Reserves in this portfolio). This includes oversight of work performed in investments, operations, actuarial and other areas which affect the profitability of the Fixed Annuity business.
Primary responsibilities and accountabilities include all aspects of the P&L for the SPIA business. You will be expected to recommend ways in which the SPIA results can be improved, review any new blocks of SPIA being considered for acquisition, and provide oversight of all relevant areas as well as provide strategic direction to future efforts to improve profitability.
Responsibilities:
• Manage business P&L - $2.4B of US based reserves.
• Understand and explain movements in the SPIA financials and likely future trends in earnings. Identify factors that cause unexpected financial results, corrective action needed, and likely impact on future earnings of the SPIA block of business.
• Determine root causes or unusually adverse or good mortality/lapse results (agent activity, underwriting, sales techniques), quantify impact and recommend changes in assumptions, reserves, or other corrective action where appropriate.
• Provide oversight of actuarial /finance initiatives that impact the P&L including review of all assumptions (Bermuda and U.S.) related to reserving or valuing the SPIA book of business.
• Track and influence the investment strategy / income and component assets allocated to the SPIA business line.
• Manage the expenses of the line of business within budget and recommend expense savings strategies.
• Review and provide input to the SPIA operations at AIG including monitoring of relevant Key Performance Indicators.
• Support the Head of Inforce Management, Life and Annuity in a range of projects as directed.
Requirements
• Bachelor’s degree and 10+ years of relevant experience.
• Possess a sound knowledge of TFA’s including:
◦ Actuarial items such as reserves
◦ Product characteristics and risks
◦ Insurance company investment portfolios and risks
◦ Experience Studies and drivers of results
• Ability to review new business being considered for this line, both to ensure it is a good fit financially and operationally and where possible to provide feedback to assist with business acquisition.
• Experience with complex financial structures where business is moved and managed between several companies in various domiciles.
• Ability to review proposed actuarial assumptions and provide input to assumption setting.
• CFA, FSA, or CPA would be advantageous.
• Experience in reinsurance structuring as a financial tool.
It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories.
At AIG, we believe that diversity and inclusion are critical to our future and our mission – creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.